NNPC ends exclusive deal with Dangote’s refinery, opens portal for direct fuel supply
Nigeria’s state-owned oil company ends exclusive agreement with Dangote’s refinery, opens fuel market to competition.
West & Central Africa
Nigerian entrepreneur Cosmas Maduka's Coscharis unveils $4-billion green energy initiative
The ambitious project signifies a pivotal move toward sustainability in Nigeria’s energy landscape.
Nigerian billionaire TY Danjuma takes over Kashimbila Hydro Dam concession in major power push
At the handover ceremony, Danjuma emphasized that the concession marked the beginning of a long and challenging journey towards achieving reliable electricity for the state.
Burkinabe tycoon Mahamadou Bonkoungou provides aircraft to Togolese Air Force
Burkinabe tycoon Mahamadou Bonkoungou strengthens ties with military support.
Nigeria's richest person loses $10.6 billion in 250 days amid weak naira, failed merger, and investor sell-off
Nigerian billionaire Aliko Dangote loses $11 billion in 250 days due to naira decline, failed merger, and market sell-off.
Ghanaian businessman Kevin Okyere’s Springfield secures deepsea rig for Afina well appraisal in Ghana
Located in the West Cape Three Points Block 2 (WCTP-2), deep offshore Ghana, the Afina-1x well is pivotal to the company’s long-term oil production strategy.
U.S. tech billionaire David Steward overtakes Aliko Dangote as world's richest Black person
In just two years, Steward's wealth has nearly doubled, up from $6 billion in 2022 to $7.6 billion in 2023, before reaching its current level.
Access Holdings, led by Nigerian banker Aigboje Aig-Imoukhuede, merges pension units to strengthen market position
This strategic consolidation is aimed at enhancing the company’s operational capabilities and fostering innovation in Nigeria's expanding pension sector.
Power Play: Johann Rupert overtakes Aliko Dangote again as Africa’s richest man
South Africa’s Johann Rupert reclaims the title of Africa’s richest individual with a net worth of $14.2 billion, surpassing Nigeria's Aliko Dangote.
Greek tycoon John Coumantaros' Flour Mills of Nigeria plans to raise $120 million in capital
This move aims to strengthen the company’s financial base as it continues its aggressive growth trajectory, buoyed by recent stock gains and strong financial performance.
Nigerian pharma tycoon Fidelis Ayebae's Fidson receives support to expand production capacity
The collaboration with NEXIM is expected to position Fidson for a stronger presence in Africa's rapidly expanding pharmaceutical market.
Seplat, co-founded by Austin Avuru, nears completion of $1.3-billion ExxonMobil deal
The $1.3-billion transaction initiated in 2022 had faced delays due to Nigeria’s stringent legal landscape and approval bottlenecks.
Access Bank, linked to Aigboje Aig-Imoukhuede, partners with stakeholders on renewable energy
This move aims to strengthen the Nigerian economy while aligning with global sustainability goals.
Nigerian tycoon Tony Elumelu's UBA posts $189.6-million profit in H1 2024
The double-digit decline in profits can be attributed to UBA’s higher expenses, coupled with a drop in trading and foreign exchange gains.
Gabonese oil mogul Samuel Dossou-Aworet sees stake in Seplat Energy exceed $200 million
Dossou-Aworet, through his wholly-owned Petrolin Group, holds a 13.87-percent stake in Seplat, representing 81,015,319 ordinary shares.
Fidson, owned by Fidelis Ayebae, plans $100-million medicine production plant in Lekki FTZ
This move aligns with the company’s efforts to bolster Nigeria’s self-sufficiency in healthcare, focusing on combating the country's ongoing HIV crisis.